BERLIN (dpa-AFX) - Knorr-Bremse AG (KNRRY.PK), a German manufacturer of braking systems, reported Tuesday preliminary first-quarter results, expecting profit and revenues below market estimates. However, order intake is expected to be significantly above expectations.
On the XETRA in Germany, Knorr-Bremse shares were gaining around 4 percent to trade at 87.35 euros.
Overall, the preliminary results confirm a positive business performance in the past quarter, the company noted.
For the first quarter, the company expects to report net income of around 143 million euros or 0.84 euro per share, below analysts' expectations as summarized by Vara Research of 152 million euros in profit or 0.94 euro per share.
According to the firm, net income below the consensus estimate was due to the provisions for restructuring measures being part of the BOOST program that were recognized in the past quarter as announced.
Operating EBIT would be around 236 million euros for the quarter, compared to consensus of 243 million euros. Operating EBIT margin would be around 12.1%, lower than consensus of 12.3%.
The company projects revenues of around 1.958 billion euros, below the consensus of 1.973 billion euros.
However, order intake is expected to be around 2.376 billion euros, significantly higher than the consensus of 2.066 billion euros.
The Rail division's order intake benefited from strong growth, particularly in Asia and North America. In the quarter, Europe was particularly strong for the Truck division.
The full quarterly results will be published on May 8.
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